National Republican., 1887-10-06
Tho Process OF Contraction.

Secretary Manning in his first report to
Congress, stated that the total cash 10 the
treasury on the 4th of March, 1885, was
1879, 1G6, 1853.
We give from the official reports the
money in the treasury every month since
that time, so that the people Of the country
can see how this administration has con-
tracted the currency by drawing money
into the treasury:
March, 1885 ......"."..s379,lG ,lG6. 3j3
April, leS5........'....''.,'.'- 4S39325bb
May, lSb.. 19,5IO,iO9
June, lsoo.."..... iSSbl2,i26
July, lss5.. 4SS,4lS,Tl9
August, 1ss5...... 492O65, 800
September, 1So5.. 4S3 936, l57
October 4S7 S0) i0S
November, 1SS5"............ 1856 ,t0l
December, 1855 ss5............,-....". 49i, 1861 ,9ji
January, lSS6.".... l9S 9Sj,S3!
February, 1885,. ........"......... i9i ,ist,OS
March, 1856 i95, ,loZ7l
ApIll, iSSO... 492, l6l Oh
May, i9l,iDb,3l!
june 1856. ACKNOWLEDGEMENTS. 49l9i7,F}
July, ACKNOWLEDGEMENTS. iSi, $50 9l
August, 1856 G,..........."........... 5l3,A}9 $50
September, 1856 ........--.,.,....... bl5,6jl,S0j
October, ,......................... 5lISOLO3l
November, iSs6..".....".............. 527,2la,35,
December, ACKNOWLEDGEMENTS. 5li0)k7S!
January, s7..........".,..o"........ hj6,33E7jl
February, 56l,2IS, 20'
March, lSoI..... ,...,.,,.,., 5i3 0D,7lI
April, 1857. ......,...".o. o.u.".". 5Tl,3iI,5N
May, 5Sl,3lt6n
June, lsS7."""... $500 l,0'
July, Observation-Disclosures. 5S7OO,I7s
August lsST"..........".... ......... 5)3 056 80
September, lsS7...................... 60 l72 ID!
Thus 1t will he seen that one form OF
contraction was going on by drawing
money into the treasury so that the cash
in its vaults was increased by the enormous
eum of 1921 ,OO5,S6e.
But there was still another. The ns.
tional banks for some reason commenced to
withdraw their currency on the LIST of
July, 1885, and the first examina.
tion OF the condition OF the ma
tional banks was made under this admin
istration. The report made on that oc-
casion is given below, and each subse.
quent examination, showing the amount of
natiopal bank notes outstanding:
National bank notes outstanding
July ], lSs5......." "...-.,""...."."f269,l 1869
Oct. j, 26s, ,S63,b07
Dec. a. 267. .43O S37
Aug. ~, lSo0.'. 25S.273 IO)
Oct. 7, 1886. 22s,672.6lO
Dec 2s, 1885,. 2D2. .07s. .?s7
Mar. 4, 1SS7."....,. ...."......."" 1856. .23l. 49S
Nav -. 1887 ".................... l76, I'll ,j3D
Sept. q, 1887 NEUTRALITY-SUSPICIOUS.. 1866 ,65S
By taking the amount Of notes in circula-
tlon on the 2lst Of September, 1887, the
time OF the last bank examination, from
the amount in circulation on July /, 1885,
the time of the first examination, it will be
seen that In two years and three months
there were contracted SlO2, ,52l ,032.
These two sums added together make the
contraction $685., ,526, sos.
During these thirty-one months OF CON
traction the government has expended, be-
cause it was compelled to by law, 1900, 900
each month In the purchase of silver bullion
and coined 1t into silver dollars OF 4l2i
grains each.
This amount OF bullion, at the average
price paid, produced about $4,000 900 each
month or o total OF $7I5OO,OOO. We have
already shown how the administration at
tempted to secure the passage OF law to
ftop this coinage.
IJuL iDG law lnc HUu
coinage Of just double the amount OF silver
bullion that was bought. Any one could
see the rapid, but steady, contraction OF
the currency that was taking place, aud
any one opposed to contraction could easily
have made 1t less by purchasing the full
amount Of silver bullion authorized by law.
To have done that would have added S77-
100000 to the currency, aud thus have pre-.
vented contraction that much.
DO the people Of the United States want
eny better evidence that the policy OF this
Rdminl6tratlon Is policy Of contraction 2
President Cleveland can truthfully be
called mOnometalist; his statements and
his acts prove 1t. The Treasury Depart
ment has been and is administered strictly
IN accordance with the policy approved by
Wall street and the bondholders.
The people Of the United States, Repub-
licans or Democrats, who vote this fall
must pass judgment directly upon the issue
whether they favor the contraction OF the
currency or au expansion by It's restorl-
tion to the channels Of trade, and the maxi
mum coinage ot silver, as provided by law,